Samson Oil & Gas Announces Effectiveness of Change to Ratio of American Depositary Shares to Ordinary Shares
March 29 2015 - 8:00PM
Business Wire
As previously announced by Samson Oil & Gas Limited (NYSE
MKT: SSN) on March 19th, a change in the number of its ordinary
shares represented by American Depositary Shares, from 20 ordinary
shares per ADS to 200 ordinary shares per ADS, will be effective
prior to the commencement of trading on the NYSE MKT on Monday,
March 30th, 2015. The change in exchange ratio for the ADSs will
have the same effect as a 1-for-10 reverse stock split of the ADSs,
reducing the number of outstanding ADSs from 102,900,833 to
approximately 10,290,000 ADSs. The ADSs will continue to trade on
the NYSE MKT. Samson’s ordinary shares, which are not affected by
the change, will continue to trade on the ASX.
If this change in ADS to ordinary share ratio had been in place
at the close of trading on the NYSE MKT on Friday March 27th, 2015
the closing ADS share price would have been $1.93.
Holders of Samson’s ordinary shares, which are traded on the
Australian Securities Exchange (ASX: SSN), are entirely unaffected
by the new exchange ratio for ADSs. Approximately 70% of Samson’s
outstanding equity is currently represented by ADSs, with the
balance held directly as ordinary shares.
Samson’s Ordinary Shares are traded on the Australian Securities
Exchange under the symbol "SSN". Samson's American Depository
Shares (ADSs) are traded on the New York Stock Exchange MKT under
the symbol "SSN". Each ADS represents 20 fully paid Ordinary Shares
of Samson. Samson has a total of 2,837 million ordinary shares
issued and outstanding (including 230 million options exercisable
at AUD 3.8 cents), which would be the equivalent of 141.85 million
DSs. Accordingly, based on the NYSE MKT closing price of US$0.19
per ADS on March 27th, 2015, the Company has a current market
capitalization of approximately US$27.9 million (the options have
been valued at an exchange rate of 0.7804). Correspondingly, based
on the ASX closing price of A$0.012 for ordinary shares and a
closing price of A$0.002 for the 2017 options, on March 27th, 2015,
the Company has a current market capitalization of approximately
A$34.5 million.
SAMSON OIL & GAS LIMITED
TERRY BARRManaging Director
Statements made in this press release that are not historical
facts may be forward looking statements, including but not limited
to statements using words like “may”, “believe”, “expect”,
“project”, “anticipate”, “should” or “will.” Actual results may
differ materially from those projected in any forward-looking
statement. There are a number of important factors that could cause
actual results to differ materially from those anticipated or
estimated by any forward looking information, including
uncertainties inherent in estimating the methods, timing and
results of exploration activities. A description of the risks and
uncertainties that are generally attendant to Samson and its
industry, as well as other factors that could affect Samson’s
financial results, are included in the prospectus and prospectus
supplement for its recent Rights Offering as well as the Company's
report to the U.S. Securities and Exchange Commission on Form 10-K,
which are available at
www.sec.gov/edgar/searchedgar/webusers.htm.
Samson Oil & Gas LimitedTerry Barr, CEO, 303-296-3994 (US
office)970-389-5047 (US cell)